Term Deposits

RIM Securities ("RIMsec") acts as a deposit broker in the Australian financial markets, assisting banks, credit unions, and building societies to raise deposits.  This provides these institutions with access to our large client base and enables them to raise deposits without the costs associated with branch banking.  It also allows these institutions to be more responsive to changes in the underlying market as deposit rates offered through brokers can be easily changed without the need for the institution to amend advertising, in-branch signage, or systems.

Customers of RIMsec can, in turn, select from a wide range of institutions offering deposit products.  These include call accounts, term deposits with interest paid at maturity, and longer-dated term deposits where interest is paid periodically.  For customers this reduces the search time required to locate the best deal, and uses RIMsec's "buying power" to ensure that the rate achieved is the best available at that time. Our daily rate sheet provides customers with a quick overview of what rates can be achieved on any given day, and provide customers with the ability to make informed decisions with their investments.
  
At present, deposits in the Australian market are afforded the protection of the Australian Government under the Financial Claims Scheme (for deposits of up to $1 million).  Larger deposits may also be specifically guaranteed under the Australian Government's Guarantee Scheme for Large Deposits.

Making Investments via RIMsec

RIMsec acts as a negotiator and facilitator to any transaction, including initial placements, rollovers, and repayments.  When depositors place funds with ADIs, the funds are credited directly to the bank account of that ADI.   In turn, RIMsec receives a nominal brokerage fee from the ADI for sourcing these funds (usually in the vicinity of 0.10% p.a., depending on the size and complexity of the transaction).   Depositors do not pay any brokerage or fees of any kind to RIMsec.
 
RIMsec publishes a daily rate sheet to clients - a comprehensive list of ADIs and the rates they are currently paying for their term deposits.   Please contact RIMsec should you wish to receive a copy of this rate sheet.

Once selecting an appropriate term and ADI for your deposit, RIMsec will transact the deal with the ADI and issue you with a Contract Note confirming details of the deposit and the bank account details of the ADI.  Payments are made direct to the ADI, and upon repayment direct from the ADI to the client.   RIMsec will also assist clients with completing the necessary account opening documents and ensuring that the correct identification ("AML") documents are provided to the ADI.

As a customer of RIMsec you can be assured that we will negotiate the best available rate for you, and at the same time provide you with a wide choice of institutions in which you can invest.

For a more detailed explanation of the term deposit process, click here.

For more information on Term Deposits offered through RIM Securities please contact any of our sales team in Queensland, Victoria or South Australia.